OTE

OTE: Driving the Group ForwardOTE: Driving the Group Forward

10th Annual Capital Link Forum,New York, October 30, 2008

OTE

| OTE Group Overview| B i R i| Business Review| Financial Review| Appendix

2

OTE

| OTE Group Overview

OTEAt a Glance

Group Structure(1)

Fixed-line telephony

Mobile telephony OTE SAGreeceOther operations

Shareholder Structure (Sep 30, 2008)

Deutsche

Telekom

22.0%

Hellenic State

28.0%

Cosmote RomTelecomOTEestate

Greece

OTE GlobeGreece

100% 54%

100%

100%

Greek

Institutional

Investors

10.1%

International

Institutional Oth

Leading integrated telecommunications operator

Listed on Athens (HTO GA), London (OTES LI) &

GlobulBulgaria

AMCAlbania

CosmoteGreece

RomTelecomRomania

82% 100%

Hellas SatGreece

OTESat-MaritelGreece

99%

94%

Investors

31.9%

Other

8.0%

( ), ( )New York Stock Exchange (OTE)

Market capitalization (Oct’08): around €5bn

Group H1’08 Revenues: €3,128mn

CosmofonFYROM

70%100% CosmoteRomania

30%

Other

4

Group H1’08 EBITDA*: €1,157mn

DPS (2007): €0.75

* Excluding provisions related to employee exit programs (1) Major Companies of the Group

GermanosS.E.Europe

90%

Voice, Mobile and Data

OTEBULGARIANumber 2

Leader in Southeast Europe

GREECEIncumbent/ Leader

ROMANIAIncumbent/ Leader

Number 2Mobile market share: 39%Customers (000): 3,945

Bulgaria

Romania

Serbia

Total Lines (000): 5,613ADSL Subscribers (000): 892

Mobile market share: 40%Customers (000): 6,921

Total Lines (000): 2,994ADSL Subscribers (000): 505

ChallengerMobile market share: 19%

FYROM

Greece

Albania

( ) ,Customers (000): 4,643

Through Germanos, OTE

Cyprus

ALBANIAL d

FYROMN b 2

g ,Group operates the most efficient telecoms/technology retail network in Southeast Europe

5

LeaderMobile market share: 52%Customers (000): 1,280

OTE also owns 20% of Telecom Serbia, the incumbent operator in Serbia

Note: Data as of June 30, 2008

Number 2Mobile market share: 31% Customers (000): 640

OTERecent Corporate Developments

OTE appoints OTE

OTE announces reduced ADSL tariffs and new access speed

OTE issues €2 1bn in

ADSL subscribers in Greece exceed 1mn

OTE splits

OTE announces new exit program for 200 employees

OTE Estate receives HCMC license to operate a REIC

OTE holds 100% of Cosmote shares and de-lists Cosmote

Greek Parliament ADSL subscribers in

2007

OTE appoints new Cosmote CEO and CFO

OTE announces sale of Infote directories for €300mn

2008

OTE issues €2.1bn in fixed coupon bonds to finance Cosmote minority buy-out

OTE splits business & residential customer division

Greek Parliament ratifies shareholder agreement with DT

ADSL subscribers in Greece exceed 1.5mn

2007

Oct Nov Dec

2008

Jan Feb Mar MayApr Jun Jul OctSep

OTE announces €2.8bn public offer for Cosmote minorities

OTE completes Public Offer for Cosmote shares. Cosmote stake raised to 98.6%*

Deutsche Telekom signs conditional agreement to acquire

OTENew Controlling Shareholder

Greek State – Deutsche Telekom Agreement

– Agreement ratified by Greek Parliament June 18, 2008; expected to be concluded before year-end

– DT initially acquired from MIG 98.03mn OTE shares (19.99% stake) on May 15, 2008, then proceeded with p rchase agreement purchase agreement

– DT acquired from the market 9.65mn OTE shares (1.97% stake) during Jun 25 - Jul17, 2008

– Acquisition approved by European Commission on Oct 2, 2008

– DT will acquire 14 87mn more OTE shares (3 03% stake) from the Greek State after remaining regulatory

DT will end up with 122.54mn OTE shares (25% stake), Greek State will retain 122.54mn OTE shares (25% stake) & DT will control OTE according to the clauses of purchase agreement

DT will acquire 14.87mn more OTE shares (3.03% stake) from the Greek State, after remaining regulatory approvals are received

– As of Q4’08, the Greek State holds 1-year put option to sell a further 5.0% stake of OTE to DT

– Additionally, 12 months following the execution of the 3% block trade & until 31 Dec 2011, Greek State holds another put option to sell 10.0% plus any portion of OTE shares it has not sold to DT pursuant to the first put

ti

7

option

OTEOperational Overview

Despite tougher domestic market conditions & continued regulatory restrictions, OTE has continued to perform strongly as a Group. This has been supported by:

Control of market share erosion in domestic fixed-line Control of market share erosion in domestic fixed line

Ongoing outstanding growth in mobile

Successful execution of employee reduction programs in Romanian fixed-line, improving efficiency

Going forward, OTE expects to improve its operational performance by focusing on key strategic areas:

Implementation of integrated offerings in domestic fixed, broadband & mobile platformsImplementation of integrated offerings in domestic fixed, broadband & mobile platforms

Steady broadband growth, both in Greece & Romania

Continued mobile growth in most markets

Further efficiency measures in domestic fixed-line & cost cutting initiatives by Cosmote & Germanos

8

Germanos

OTE

| Business Review

Greek Fixed-line

OTEKey Market Trends

-0.7%Y oY : -1.1% -5.0% -7.7%

OTE line loss (000)

Continuous access line loss reflecting further growth of LLU due to:

Aggressive promotional policies of

46 67 241 306

2005 2006 2007 H1 08

– Aggressive promotional policies of alternative carriers, as well as ongoing migration from Carrier Pre-Selection to LLU

– Mobile operators offering fixed-line products

Broadband market (000)

OTE ADSL* LLU

products

Total ADSL market reaches ca. 1.4 million subscribers at the end of Jun’08

155 488

892 825 725

310500

OTE broadband customers in H1’08 reach 892K, with OTE’s retail market share remaining slightly above 50%

10

2005 2006 2007 H1 08

* OTE ADSL includes Retail & Wholesale

Greek Fixed-line

OTEKey Operational Trends

>50%

Mobile

OTE

Top line growth still driven by

Operations OverviewCustomer base (mn)

Further upside in mobile market

Top-line growth still driven by subscriber numbers and usage growth Focus on targeted subscriber acquisition/retention initiatives

Greece#1

6.92

4.64

0.47

5.22

1.23

3.27

0.99 0.59

6.27

3.87

1.20

3.62

1.28

3.95

0.64

2006 2007 H1 08

Strong performance in post-paid

Romania#3

Further upside in mobile market penetrationFocused on expanding post-paid subscriber base and increasing profitability

Greec e Romania Bulgaria A lbania FY ROM

Revenues (€ mn)

1,6311,736

2006 2007 H1 08

Strong performance in post-paid customer segmentFocus on corporate customers

Bulgaria#2

A pre paid market with strong Alb i

54151342

44

1,631

62176412

156 3091210

117

880

Greec e Romania Bulgaria A lbania FY ROM

Rapid roll out of 3G networkFYROM

A pre-paid market with strong marginsConsolidate market position

Albania#1 EBITDA margin (%)

43.136.9

60.3

17.3

41.7 39.262.0

31.042.0

40.8

63.5

27.9

2006 2007 H1 08

12

OTE in the process of divesting FYROM#2

Greec e Romania Bulgaria A lbania FY ROM

Mobile

OTESelected Markets

Greece Romania

37% 37% 37% 37% 38% 38%39% 40%

Estimated market share

7%10% 11% 13%

16% 18% 19%

Estimated market share

2005 2006 Q1 07 Q2 07 Q3 07 2007 Q1 08 Q2 08

Blended monthly AMOU (minutes)

2006 Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08

64Revenues EBITDA(€ mn)

138153 153

163 169 170177 183

2005 2006 3M 07 6M 07 9M 07 2007 3M 08 6M 08

44 27 36 4250 53 64

(66)

(11) (8) (9) (12) (8)

5

2006 Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08

Market share expansion

Mix of 30:70 for post-/pre-paid at the end of H1’08

Market share expansion

Total post-paid subscribers around 800K

– 414K post-paid net adds in 2007;

13

Steady usage increase boosting service revenue growth

414K post paid net adds in 2007; 161K in H1’08

Positive EBITDA achieved in Q2’08

RomTelecom

OTEKey Trends

Developing a more customer-oriented approach

– Set up of 2 commercial units, dedicated to business and residential clients

– Fixed-line value (flat rate) offers since Q2’07

RomTelecom line loss (000)

(65) (63)

11

(14) (27)

– Lower monthly fees for ADSL subscriptions (up to 4Mbps) since Q2’07

– Satellite TV - digital TV, under Dolce brand, launched in late 2006

(122)

(65)

(234)

(181)

(135)

(63)

(133)

Q1 06 Q2 06 Q3 06 Q4 06 Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08

Reorganization to allow further headcount reduction by up to 2.5K

– process initiated early ’08; provision taken in H1’08 (€32.6mn cost)

2K jobs shed in H1’08

RomTelecom Broadband/ Pay TV subscribers (000)

– 2K jobs shed in H1 08

Efforts to contain access line churn starting to pay off

DSL subscriber take-up remains strong

– 271K customer additions in 2007; 145K in H1’08 89

505

26

528

8

360390

ADSL Pay TV

14

Pay TV offering well accepted

– 502K new customers within last 1.5 year

80

2005 2006 2007 H1 08

OTE

| Financial Review

OTERevenue Trends

Group RevenuesGeographical Revenue Mix (H1’08)*

(€ mn)

FYROM

1%

Albania

2%B l i

6,3205,891 7.3%

2.2%3,060 3,128

Bulgaria

7%

Romania

17%

2006 2007 H1 07 H1 08

Greece

73%

OTE Cosmote RomTelecom OtherH1’08 Group revenues up 2.2%

– Greek fixed-line revenue decrease by 3.5% mainly due to lower traffic

– Continued strong growth across all mobile markets (8.1% total revenue increase), supported by market h i t b ib t k & hi h d it i t ti t t i G B l i

16* Revenues presented gross of eliminations.Note: Comparable revenues exclude H1’07 Infote revenues, the Group’s Greek directories business sold in Q4’07

share gains, strong subscriber take up & higher usage, despite interconnection rate cuts in Greece-Bulgaria & new competitors in FYROM, Albania & Romania

Comparable Group Revenues up 3.2%

OTEEBITDA Trends

2 167 2,241

EBITDA EBITDA margin %

4.3%

(€ mn)

EBITDA TrendsEBITDA Mix(1) (H1’08)

15750 1,158

2,167 2,241

1,106 1,157

45.2%100%

3.4%

36 8%428

523 13.5%

4 7%

O T E C o smo t e R o mT eleco m O t her O T E G r o up

37.0%

36.8%

36.1%

428 35.5%

37.0%

4.7%

2006 2007 H1 07 H1 08O T E C o smo t e R o mT eleco m O t her O T E G r o up

H1’08 Group margin up 0.9pp, mainly due to strong mobile performance

– 33.3% Greek fixed-line EBITDA margin

Group EBITDA up 4.7% in H1’08; 5.5% on a comparable basis

– Greek fixed-line EBITDA increase by 0.1% in

17(1) Incl. €1.3mn intercompany eliminationsNote: EBITDA excluding Greek VRP impact and provisions related to other employee exit programs. Comparable EBITDA excludes H1’07 Infote EBITDA

33.3% Greek fixed line EBITDA margin

– Mobile EBITDA margin improvement in all major units

Greek fixed line EBITDA increase by 0.1% in H1’08

– Mobile EBITDA increase by 12.9% in H1’08

OTECash Flow Trends

2,167 2,241 Maintaining strong cash flow generation, in

conjunction with CAPEX decrease & lower cash

Cash Flow (€ mn)

1,1571,205 1,140

782

payments to pension funds

Group Capital Expenditure in H1’08 down 19.8%

from H1’07 levels

– Reflecting lower investments in Romanian

fixed-line & mobile operations

(962)(1,101)

(375)

– CAPEX will be normalized during H2’08

18

EBITDA CAPEX FCF

Notes: EBITDA excluding impact of Greek VRP and provisions related to other employee exit programs. FCF defined as EBITDA less CAPEX

2006 2007 H1 08

Management Consistency in

OTE

l

Delivering Commitments

ArmenTel sold in Nov 2006 for €349mnArmenTel sale Completed

OTE successfully completes VRP (5.4K employees) in Oct 2006 Completed Operational efficiency

OTEGlobe (international wholesale telephony) de-consolidation from OTE SA in 2007

OTEGlobe de-consolidation

Infote (directory enquiries) sold in Dec 2007 for €300mnInfote sale Completed

Completed

OTE issues €2.1bn in fixed coupon bonds to finance Cosmote minority buy-out in Feb 2008

Cosmote bridge refinancing

Completed

Absorption of Otenet (domestic ISP) within OTE SA legally completed Jun 2008

Otenet merger Completed

OTE reaches 100% in Cosmote in Apr 2008Cosmote buyout Completed

19

New exit program for more than 600 employees X PendingOperational efficiency

OTEStrategic Guidelines Going Forward

Proceed with the integration of the Group, which after the sale of non core assets & the acquisition of Cosmote minorities, has the right size & shape

Capitalize on the strengths of the new controlling shareholder, which will bring significant advantages on managerial, financial, technological & strategic level

20

OTE

| Appendix

21

G FTTH I i i iOTE

Government FTTH Initiative

Government FTTH Initiative:– Open passive optical network– 2mn homes & enterprises in major cities– “Open access”, point-to-point network model – At least 100 Mbps/user– Network deployment within 7 years

Description

1st tier: Infrastructure Provider; provides fiber (passive network) 2nd tier: Communication Provider; provides wholesale access (active network) 3rd tier: Service Providers; provides retail service

3-tier service model

Project implemented through Public & Private Sector Ventures, divided into 3 different geographical regionsDuration: 30 years

Business modely

Indicative Budget: €2.1bn Greek state financing ca.1/3 of total; possibility for preferential lending terms by European Investment Bank

End 2008:– Submission of Project Plan to E.U.– Public consultation

Project plan

H1 2009:– Approval by Inter-Ministerial Committee– Selection of consultantH2 2009:– Call for Tenders

Yet to be clarifiedRegulatory

22

Yet to be clarifiedRegulatory treatment

OTEMobile Termination Rates

Romania: regulatory framework not yet fully implemented Greece: regulatory framework implemented

Jan 2007 11.74Jun 2007 10.67Feb 2008 9.89Jan 2009 7 89 Current 8.40Jan 2009 7.89Jan 2010 6.24Jan 2011 4.95

Albania: regulator influenced by EU policiesBulgaria: regulatory framework not yet fully implemented

Feb 2008 17.60Jul 2008 16.10 Current 9 80Jan 2009 14.40Jul 2009 12.00

Current 9.80

23Note: MTR in eurocents per minute on Cosmote’s network

OTEOTE Group Debt

Debt maturity profile as of 30 June 2008 (€ mn)

639

2,187

453

1,254602

9026333

26

€6.5bn EMTN program

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017-20

Moody’sp g

Fixed/floating ratio 82/18

Average cost of debt around 5% post-refinancing

H1’08 Net Debt of €4.6bn in line with current rating

Moody s

– Baa2, Stable outlook

S&P’s

– BBB+, Negative outlook

24

and financial strength (2x EBITDA)

Note: Major OTE Group liabilities presented

OTE also maintains committed lines of €350mn

Moody’s as of May 19, 2008

S&P’s as of November 12, 2007

, g

OTEMacroeconomic Environment

RomaniaGreece

GDP growth 3.5%, expected to slow down CPI 4.2%, decreasing

GDP growth 6.5%, expected to slow downCPI 8.0%

X Inflationary & deficit concerns

Customer defaults are not increasingMobile postpaid is not migrating to prepaidDSL migration to higher speeds is not slowing down

X Inflationary & deficit concernsHigh Foreign Direct Investment levels

Mobile postpaid growth remains strongBroadband growth uninterrupted

AlbaniaBulgaria

GDP growth 5.8%, expected to slow downCPI 8.0%

GDP growth 6.0%, expected flattishCPI 4.2%, decreasing

X Inflationary & deficit concerns

Growing post-paid customer segment Steady mobile usage increase Steady mobile usage increase

25Macroeconomic data source: Bank of Greece, Oct 08. All GDP & CPI data as of 2008E

OTEOTE Group Financial Highlights

IFRS(€ mn)

2006 2007 % Diff H1’07 H1’08 % Diff

Revenues 5,891.3 6,319.8 7.3% 3,059.9 3,128.0 2.2%

Operating Income 1,088.3 1,046.9 -3.8% 513.1 527.8 2.9%

Pro Forma EBITDA 2,167.0 2,240.8 3.4% 1,106.0 1,157.4 4.7%

Pro Forma EBITDA margin 36 8% 35 5% -1 3pp 36 1% 37 0 0 9ppPro Forma EBITDA margin 36.8% 35.5% 1.3pp 36.1% 37.0 0.9pp

Net Income 574.6 662.6 15.3% 277.5 300.4 8.3%

Basic EPS (€/share) 1.1723 1.3518 15.3% 0.5661 0.6129 8.3%

Cashflow from Operations 1,786.2 1,450.7 -18.8% 672.7 765.9 13.9%

CAPEX as % of Revenues 16.3% 17.4% 1.1pp 15.3% 12.0% -3.3pp

26

Net Debt 2,548.0 4,211.5 65.3% 4,211.5 4,607.4 9.4%

Note: Pro Forma EBITDA excluding Greek VRP impact and provisions related to other employee exit programs

OTEForward-Looking Statement

Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of1995. All forward-looking statements are subject to various risks and uncertainties that995. ll o wa d loo g state e ts a e subject to va ous s s a d u ce ta t es t atcould cause actual results to differ materially from expectations. The factors thatcould affect the Company's future financial results are discussed more fully in theCompany's filings with the U.S. Securities and Exchange Commission (the "SEC"),including the Company's Annual Report on Form 20-F for 2007 filed with the SEC onJune 24, 2008. OTE assumes no obligation to update information in this presentation.

Note: In this presentation the caption “EBITDA” is used to signify “Operating incomeNote: In this presentation, the caption EBITDA is used to signify Operating incomebefore depreciation and amortization” and the caption “EBITDA margin” to signify“Operating income before depreciation and amortization as a percentage of OperatingRevenues”

27

OTEQ&A

For more information please contact pOTE Investor Relations

Dimitris Tzelepis, Head of IRTel: +30 210 611 1574Fax: +30 210 611 1030or visit:www ote gr/english/investorrelations

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www.ote.gr/english/investorrelations